Article 7.8

Article 10.1

Article 10.9

Article 11.6

Trade facilitation is a key national priority for Vietnam’s government. Since 2014, changes in legal and regulatory frameworks have significantly simplified customs procedures and increased transparency. Yet our analysis found that many shipments are held within congested Vietnamese ports simply due to a lengthy release process. In fact, Vietnam’s hold rates for imports and exports remain among the highest in Asia.

What we are doing

We are working with the government and the private sector to implement a modern customs bond system for the conditional release of goods. Vietnam will be the first country in Asia with such an all-encompassing system. Traders will be able to purchase bonds to guarantee their payment of duties and taxes as well as regulatory compliance, allowing customs to expedite release of their goods.

Our project involves:

analysing how the new system will enhance Vietnam’s competitiveness in global supply chains

designing a bond management software module that will interface with Vietnam’s existing eCustoms system

developing a customs bond pricing model in consultation with insurers

providing training for customs and other government officials, as well as private sector stakeholders

supporting the legal and regulatory reforms required to implement the project

Benefits

The introduction of a customs bond system is a win for the government, the private sector, and the wider Vietnamese population. It will: